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Cypress sees upside surprise

Cypress Semiconductor (NYSE: CY) confirmed Tuesday it will deliver a fourth quarter upside surprise. Cypress forecasted earnings of 31 cents to 32 cents a share before charges. First Call was expecting earnings of 29 cents a share.

Cypress is trading near 52-week highs in anticipation of strong earnings. Robertson Stephens recently upped earnings estimates.

The company said revenue for the quarter will be in the $206 million to $207 million range, up about 12 percent from the third quarter and 42 percent from a year ago.

Including one-time gains, Cypress said its earnings would be about 39 cents to 40 cents a share. Net earnings will include a one-time gain of $12 million because Cypress sold some of its investments.

Cypress didn't indicate whether the gains were due to the IPO of QuickLogic (Nasdaq: QUIK), which went public in October priced at $10.

Cypress said it had "continued strong demand for the company's products, particularly in the communications segment."

Bookings for the fourth quarter are expected to be $255 million to $260 million, up from the third quarter's bookings of higher $231.4 million.